Canada posted the widest merchandise trade surplus in almost six years in July as automobile shipments led exports to a record high.
The surplus grew to $2.58 billion, the largest since October 2008, from $1.83 billion in June, as exports rose to a record, Statistics Canada said today in Ottawa. Motor vehicle and parts shipments jumped 9.7% to $6.9 billion.
Exports rose 1.4% to a record $45.5-billion in July, Statistics Canada said. Forestry product shipments climbed 3.6% to $3.11 billion. Crude oil and bitumen declined 1.6% to $8.5 billion from June’s record of $8.6 billion.
The July export increase follows the second-quarter gain at a 17.8% annualized pace that led output growth of 3.1%.
Imports fell 0.3%t to $43.0 billion, the second monthly decline, Statistics Canada said today.
The volume of exports advanced 1.1% and import volumes rose 0.4%, Statistics Canada said. Volume figures adjust for price changes and can be a better indicator of how trade contributes to economic growth.
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